Asian Stocks Retreat From Record as Trade Jitters and Earnings Woes Weigh – Asia Market Wrap

Asian stocks declined and gold stumbled, as a week that began with record highs succumbed to worries about corporate earnings and trade tensions.

Asian stocks lost ground, taking their cue from a jittery Wall Street session, while gold eased from record levels as traders weighed renewed trade tensions and a mixed corporate earnings picture.

The MSCI Asia Pacific Index, which had joined gold in setting an all-time high Monday, slipped about 0.6% as most of the region’s major markets retreated. Gold fell roughly 0.4%, extending a three-day decline.

Investor unease stemmed from both global and local pressures. The Trump administration’s move to consider new restrictions on software exports to China revived fears of another escalation in the trade dispute. Meanwhile, Pop Mart International Group Ltd., whose shares have more than doubled this year, plunged nearly 11% amid growing concerns over the toy maker’s long-term sales outlook.

In the US, assets popular with retail momentum traders were among the hardest hit. AI-related stocks, precious metals, and cryptocurrencies all slumped. The Nasdaq 100 dropped 1%, dragged down by Texas Instruments Inc. after a downbeat forecast and a 10% plunge in Netflix Inc. Tesla Inc. also slid in late trading after posting earnings that fell short of expectations, despite a strong jump in sales. US equity futures edged higher in early Asian trade Thursday, suggesting tentative stabilization.

Gold hovered near $4,000 an ounce, continuing to drift lower, while oil surged about 3% after the US imposed sanctions on Russia’s biggest energy producers — its latest bid to push President Vladimir Putin toward negotiating an end to the war in Ukraine.

The yen weakened for a fifth consecutive session against the dollar, while 10-year Treasury yields held steady around 3.95% after a strong $13 billion 20-year bond auction. The dollar index ticked up 0.1%.

In China, officials are wrapping up the Fourth Plenum in Beijing, with a policy statement expected later in the day. Meanwhile, Treasury Secretary Scott Bessent is set to meet his Chinese counterparts this weekend ahead of the anticipated Trump-Xi summit.